Morgan Stanley analyst Pamela Kaufman initiated coverage of BellRing Brands with an Overweight rating and $21 price target. The convenient nutrition category, in which BellRing competes through its Premier Protein ready-to-drink shake, grew consistently over the last 14 years and Kaufman expects BellRing to deliver a revenue compound annual growth rate of 13.5% through fiscal 2022 driven by category momentum and growth initiatives, she tells investors. Though she expects FY20 EPS to decline from FY19 due to higher interest expense, she then projects BellRing can deliver around 24% EPS growth annually from in FY21-22, Kaufman added.